Recording Charges from Auction Statement


S

SuzySue

I recently put some business stock in an auction and I received a
statement for the goods with the following calculations on it showing
price attained and deductions. I wish to record this in my account
book as a sale of business stock; btw I'm *NOT* VAT registered.

I'm wondering should I record that the goods were sold for £130 with a
total of £45.54 of expenses? This would seem to be what I should
record, though I'm not sure what is meant by £22.75 VAT on Goods?

I would have thought the goods would be sold VAT inclusive as I'm not
VAT registered. Should I instead record that the goods sold for a
total of £152.75 (i.e. £130 + £22.75)

HAMMER PRICE OF GOODS SOLD: £130.00
COMMISSION: £ 26.74
VAT ON GOODS: £ 22.75


CHARGES AS FOLLOWS:

COMMISSION: £22.75 VAT ON COMMISSION: £3.99

LOTTING FEE: £6.00 VAT ON LOTTING FEE: £1.05

ADVERTISING FEE: £10.00 VAT ON ADVERTISING: £1.75

**GROSS CHARGES**: £45.54 inc VAT


HAMMER PRICE OF GOODS SOLD: £130
GROSS CHARGES: £45.54
STATEMENT TOTAL: £84.46 (final amount paid out)



If anyone has any advice it'd be very appreciated. Thanks
 
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P

Peter Saxton

I recently put some business stock in an auction and I received a
statement for the goods with the following calculations on it showing
price attained and deductions. I wish to record this in my account
book as a sale of business stock; btw I'm *NOT* VAT registered.

I'm wondering should I record that the goods were sold for £130 with a
total of £45.54 of expenses? This would seem to be what I should
record, though I'm not sure what is meant by £22.75 VAT on Goods?
Goods were sold for 84.46 net. VAT on 130 is 22.75.
I would have thought the goods would be sold VAT inclusive as I'm not
VAT registered. Should I instead record that the goods sold for a
total of £152.75 (i.e. £130 + £22.75)
You are not selling the goods to the winner of the auction - the
auctioneer is.
 

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